Intro

You just turned 21 years old and want to retire when you turn 61. You expect to live for 25 years after retirement and expect to withdraw $7,800 per month during retirement, starting first withdrawal one month after your 61^th birthday.

Your retirement account quotes a return of 5% annually.

Attempt 2/3 for 6.7 pts.

Part 1

How much retirement money do you need to have by 61th birthday to support the withdrawal?

Submit

Attempt 1/3 for 10 pts.

Part 2

How much should you save each month if you make the first deposit one month after 21th birthday and the last one on 61th birthday?